9773. Southern Minnesota Joint Stock Land Bank of Minneapolis (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
May 3, 1932
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
ce770420

Response Measures

None

Description

Article (May 3, 1932) reports failure to pay bond interest and appointment of a receiver by the Federal Farm Loan Board. No newspaper text describes depositor runs. Multiple subsequent foreclosure notices are by the receiver through 1933–1934, indicating the bank remained in receivership/closed rather than reopening.

Events (9)
1. May 3, 1932 Receivership
Newspaper Excerpt
Failure of the Southern Minnesota Joint Stock Land Bank of Minneapolis to pay $530,000 bond interest due May 1 sent that farm mortgage institution into receivership Monday by action of its directors. ... Roy A. Nelson ... was appointed receiver by the Federal Farm Loan board.
Source
newspapers
2. January 24, 1933 Other
Newspaper Excerpt
NOTICE OF MORTGAGE FORECLOSURE SALE... Dated January 24, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage.
Source
newspapers
3. February 1, 1933 Other
Newspaper Excerpt
Dated February 1, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage.
Source
newspapers
4. February 6, 1933 Other
Newspaper Excerpt
Dated February 6, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage.
Source
newspapers
5. February 20, 1933 Other
Newspaper Excerpt
Dated February 20, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage.
Source
newspapers
6. May 22, 1933 Other
Newspaper Excerpt
Dated May 22, 1933. ROY A. NELSON, as Receiver of Southern Minnesota Joint Stock Land Bank of Minneapolis, Holder of said Mortgage.
Source
newspapers
7. June 20, 1933 Other
Newspaper Excerpt
Dated June 20, 1933. ROY A NELSON, As Receiver of Southern Minnesota Joint Stock Land Bank of Minneapolis, Holder of said Mortgage.
Source
newspapers
8. August 25, 1933 Other
Newspaper Excerpt
Dated August 25, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage.
Source
newspapers
9. March 10, 1934 Other
Newspaper Excerpt
Dated March 10, 1934. E. J. FRIEDE, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage.
Source
newspapers

Newspaper Articles (10)
1. May 3, 1932 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, May 3, 1932

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Article Text

Farm Loan Bank in Hands of Receiver Minneapolis, May 3.-(P)-Failure of the Southern Minnesota Joint Stock Land Bank of Minneapolis to pay $530,000 bond interest due May 1 sent that farm mortgage institution into receivership Monday by action of its directors. The land bank has assets of $22,700,000. It has outstanding $21,038,700 in bonds, issued with farm mortgages as security. The loans are on farms in Minnesota and South Dakota. Roy A. Nelson, vice president and general manager, was appointed receiver by the Federal Farm Loan board.

2. January 26, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, January 26, 1933

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Article Text

(Jan. 26-Mar. 2) NOTICE OF MORTGAGE FORECLOSURE SALE. Default having occurred in the conditions of that certain mortgage made by Grant E. Adsit and Lizzie Adsit, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis), a Federal corporation, mortgagee, dated February 1, 1923 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on February 6, 1923 at 2:10 o'clock P. M., and recorded in Book "88" of Mortgages on page 37, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice, as principal, amortization installments and interest, the sum of Two Thousand Two Hundred Seventy-one and 70/100 Dollars ($2,271.70). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: A tract of land in the West Half of the Southwest Quarter (W½ SW1/4) of Section Fifteen (15), Township One Hundred Thirteen (113) North, Range Thirty-seven (37), described as follows: Commencing one (1) rod South (S) from the Northwest Corner (NW) of Southwest Quarter (SW1/4) of Section Fifteen (15), Township One Hundred Thirteen (113), Range Thirty-seven (37), running thence East (E) parallel with North (N) line of said Quarter Fifty-eight (58) rods, thence South one hundred ten and ten twenty-ninths (110 10/29) rods, thence West (W) fifty-eight (58) rods, thence North (N) one hundred ten and ten twenty-ninths (110 10/29) rods, to the place of beginning, containing 40 acres, more or less, according to Government survey thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood County, Minnesota, on March 13, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated January 24, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage, 454 McKnight Building, 30-6t. Minneapolis, Minnesota.

3. February 2, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, February 2, 1933

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Article Text

(Feb. 2-Mar. 9) NOTICE OF MORTGAGE FORECLOSURE SALE. Default having occurred in the conditions of that certain mortgage made by A. J. Praxel and Katherine Praxel, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis) a Federal corporation, mortgagee, dated September 1, 1922 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on September 9, 1922 at 4:00 o'clock P. M., and recorded in Book "76" of Mortgages on page 411, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, the sum of Three Thousand Seven Hundred Sixty-eight and 95-100 Dollars ($3,768.95). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: Southeast Quarter (SE%) of Section Twenty-four (24), Township One Hundred Twelve (112), Range Thirty-eight (38), containing 160 acres, more or less, according to Government Survey thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood County, Minnesota on March 20, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated February 1, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage, 454 McKnight Building, 31-6t. Minneapolis, Minnesota. We admire the horny hand of toil,

4. February 9, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, February 9, 1933

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Article Text

(Feb. 9-Mar. 16) NOTICE OF MORTGAGE FORECLOSURE SALE Default having occurred in the conditions of that certain mortgage made by John W. Pr ce and & aume 11:CC, n.s brink, in mertgagors, to Land swek Bank of Redwood Falls (now SouthJO nt STUCA Land Bank of Minneapolis), a Federal corporation, mortgagee, dated April 1, 1922 and with a power of sale therein contained and tiled for record in the office of the Register of Deeus in and for Redwood County, Minne on April 17, 1922 at 1:00 o'clock P. M.,, and recorded in Book "76" of Mortgages on page 351, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, t he sum of Two Thousand Eight Hundred Forty-four and 84/100 Dollars ($2,844.84). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The North One-half of the Southwest Quarter (N½ SW) of Sec. Five (5) Township One Hundred Ten (110), North of Range Thirty-seven (37) West of the 5th P. M., Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood County, Minnesota, on March 27, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated February 6, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA. JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage J. M. Woodworth, Attorney for Holder of said Mortgage 454 McKnight Building, 32-6ts. Minneapolis, Minnesota.

5. February 23, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, February 23, 1933

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Article Text

(Feb. 23-March 30) NOTICE OF MORTGAGE FORECLOSURE SALE. Default having occurred in the conditions of that certain mortgage made by Arthur G. Marks and Alice Marks, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Minneapolis, a Federal corporation, mortgagee, dated March 1, 1929 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on March 28, 1929 at 9:15 o'clock A. M., and recorded in Book "83" of Mortgages on page 189, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal and interest, the sum of Three Thousand Five Hundred Seventy-seven and 60-100 Dollars ($3,577.60). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The Southwest Fractional Quarter of Section Nineteen (19), Township One Hundred Twelve (112), Range Thirtynine (39), Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the Court House in the City of Redwood Falls, Redwood county, Minnesota, on April 10, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated February 20, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 454 McKnight Building, Minneapolis, Minnesota. 34-6ts.

6. May 25, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 25, 1933

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Article Text

(May 25-June 29) NOTICE OF MORTGAGE FORECLOSURE SALE Default having occurred in the conditions of that certain mortgage made by Gustav H. Lage and Amanda Lage, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis), a body corporate, created and empowered by the Congress of the United States, mortgagee, dated February 1, 1923 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on March 2, 1923 at 5:10 o'clock P. M., and recorded in Book "88" of Mortgages on page 43, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, the sum of Twelve Thousand One Hundred Seventeen and 69/100 Dollars ($12,117.69). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The Northwest Quarter (NW) and the Northwest Quarter of the Southwest Quarter (NW½ SW1/4) of Section Thirty-three (33), Township One Hundred Eleven (111) North Range Thirty-eight (38) West of the 5th principal Meridian, containing 200 acres, more or less, according to Government Survey thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood County, Minnesota on July 10, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated May 22, 1933. ROY A. NELSON, as Receiver of Southern Minnesota Joint Stock Land Bank of Minneapolis, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 114 South Ninth Street, 47-6ts. Minneapolis, Minnesota.

7. May 25, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 25, 1933

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(May 25-June 29) NOTICE OF MORTGAGE FORECLOSURE SALE Default having occurred in the conditions of that certain mortgage made by John M. Whitcomb and Cornelia E. Whitcomb, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis), a body corporate, created and empowered by the Congress of the United States, mortgagee, dated September 23, 1922 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on September 26, 1922 at 9:30 o'clock A. M., and recorded in Book "76" of Mortgages on page 421, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, the sum of Eleven Thousand Six Hundred Ninety-one and 42/100 Dollars ($11,691.42). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The North Half of the Southeast Quarter (N½ SE1/4), the South Half of the Northeast Quarter (S½ NE 1/4), and the Northeast Quarter of the Northeast Quarter (NE½ NE 1/4), less right of way of Section Three (3), Township One Hundred Ten (110), Range Thirty-four (34), containing 195.36 acres, more or less, according to Government Survey thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood County, Minnesota, on July 10, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated May 22, 1933. ROY A. NELSON, as Receiver of Southern Minnesota Joint Stock Land Bank of Minneapolis, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 114 South Ninth Street, 47-6ts. Minneapolis, Minnesota.

8. June 22, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, June 22, 1933

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(June 22-July 27) NOTICE OF MORTGAGE FORECLOSURE SALE Default having occurred in the conditions of that certain mortgage made by Duncan R. McCorquodale, a widower, as mortgagor, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis), a body corporate, created and empowered by the Congress of the United States, mortgagee, dated March 1. 1922 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on March 1, 1922 at 11:05 o'clock A. M., and recorded in Book "83" of Mortgages on page 474, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, the sum of Three Thousand One Hundred Forty-five and 45/100 Dollars ($3,145.45). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The South One Half of the Northeast Quarter (S½NE%), Section Seventeen (17), Township One Hundred Thirteen (113). Range Thirty-six (36), except the right-of-way of the Minneapolis & St. Louis Railway, containing 74 acres, more or less, according to Government Survey thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood Countv, Minnesota, on August 7, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law. subject to redemption within twelve months from said date of sale. Dated June 20, 1933. ROY A NELSON, As Receiver of Southern Minnesota Joint Stock Land Bank of Minneapolis, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 114 South Ninth Street, 51-6ts Minneapolis, Minnesota.

9. August 31, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 31, 1933

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(Aug. 31-Oct. 5) NOTICE OF MORTGAGE FORECLOSURE SALE Default having occurred in the conditions of that certain mortgage made by Joseph F. Steinle, Single, Charles X. Steinle, Single, and John P. Steinle and Lorena Steinle, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis), a body corporate, created and empowered by the Congress of the United States, mortgagee, dated October 1, 1922 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on October 27, 1922 at 10:20 o'clock A. M., and recorded in Book 88 of Mortgages on page 7, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, the sum of Seven Thousand Three Hundred Six and 37/100 Dollars ($7,306.37). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by. said mortgage, viz: The Southeast Quarter (SE1/4) of Section Twenty-five (25), Township One Hundred Nine (109), Range Thirty-eight (38), containing 160 acres, more or less, according to Government survey, thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the court house in the City of Redwood Falls, Redwood County, Minnesota, on October 16, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated August 25, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 114 South Ninth Street, 9-6ts. Minneapolis, Minnesota.

10. March 15, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, March 15, 1934

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(March 15-April 19) NOTICE OF MORTGAGE FORECLOSURE SALE Default having occurred in the conditions of that certain mortgage made by Robert Smith, Bachelor, James Smith, Bachelor, David Smith and Esther Smith, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Redwood Falls (now Southern Minnesota Joint Stock Land Bank of Minneapolis), a body corporate, created and empowered by the Congress of the United States of America, mortgagee, dated October 1, 1924 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on December 22, 1924 at 1:05 o'clock P. M., and recorded in Book "88" of Mortgages on page 65, by which default the nower of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal, amortization installments and interest, the sum of $10,298.86 and the further sum of $444.36 as taxes and penalty thereon heretofore paid with interest thereon of $3.45, making a total amount due on the mortgage at the date of this notice of Ten Thousand Seven Hundred Forty-six and 67/100 Dollars ($10,746.67). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The North Half (N½) of Section Twenty-eight (28), Township One Hundred Eleven (111) North, of Range Thirty-seven (37) West of the Fifth Principal Meridian, containing 320 acres, more or less, according to the Government survey thereof, Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the Court House in the City of Redwood Falls, Redwood County, Minnesota, on April 30, 1934 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated March 10, 1934. E. J. FRIEDE, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 114 South Ninth Street, 37-6ts. Minneapolis, Minnesota.